BALA CYNWYD, Pa., Aug. 28, 2023 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith.com) or Marc Ackerman (mackerman@brodskysmith.com) at 855-576-4847. There is no cost or financial obligation to you.
Earthstone Energy, Inc. (NYSE - ESTE)
Under the terms of the Merger Agreement, Earthstone Energy will be acquired by Permian Resources Corporation (“Permian Resources”) (NYSE - PR). The all-stock transaction will consist of 1.446 shares of Permian Resources common stock for each share of Earthstone Energy common stock, representing an implied value to each Earthstone Energy stockholder of $18.64 per share based on the closing price of Permian Resources common stock on August 18, 2023. After closing, existing Permian Resources shareholders will own approximately 73% of the combined company and existing Earthstone Energy shareholders will own approximately 27% of the combined company. The investigation concerns whether the Earthstone Energy Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Permian Resources is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/earthstone-energy-inc-nyse-este/.
Fiesta Restaurant Group, Inc. (Nasdaq - FRGI)
Under the terms of the agreement, Fiesta will be acquired by Authentic Restaurant Brands (“ARB”). Each share of Fiesta common stock will be entitled to receive $8.50 per share in cash. The investigation concerns whether the Fiesta Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether ARB is paying fair value to shareholders of the Company. For example, the deal consideration is below the 52-week high of $9.28 for the Company’s shares.
Additional information can be found at https://www.brodskysmith.com/cases/fiesta-restaurant-group-inc-nasdaq-frgi/.
Veritiv Corporation (NYSE - VRTV)
Under the terms of the agreement, Veritiv will be acquired by an affiliate of Clayton, Dubilier & Rice, LLC (“CD&R”). Each share of Veritiv common stock will be entitled to receive $170 per share in cash. The investigation concerns whether the Veritiv Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether CD&R is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/veritiv-corporation-nyse-vrtv/.
Crestwood Equity Partners LP (NYSE - CEQP)
Under the terms of the Merger Agreement, Crestwood will be acquired by Energy Transfer LP (“Energy Transfer”) (NYSE - ET). Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit. Upon closing, Crestwood common unitholders are expected to own approximately 6.5% of Energy Transfer’s outstanding common units. The investigation concerns whether the Crestwood Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Energy Transfer is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/crestwood-equity-partners-lp-nyse-ceqp/
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